In a recent post we mentioned Grant Cardone. This dude can sell ice to an Eskimo so he is a great person to follow and listen to as he has grown several business. One of he books called 10x is such a great driving force and will really hit you at home. So add this to your list of many other things that come along with starting a business because keeping up with your knowledge is always a crucial element to a business.
Since there are many entrepreneurs and business owners on our site following us we want to make sure everyone does everything right when starting out. I will be the first to tell you none of this stuff is fun, starting a business has great days and always crappy days. The beginning tends to be a bunch of crappy days because you have to do things like file your business, get insurance, possible get certifications, etc.
One of the first things I always do when I start a business is think of the type of structure it will be. What we mean by this will you be a sole-propriety, LLC, corporation, or partnership. They all have different positives and negatives so dig into this step a little more do your research and make an educated decision.
Next thing to consider is how you are going to save 15-20 percent of your profits because Uncle Sam will want his cut as well. As a business owner it is not like working for someone else where they automatically pay your local, state, and federal taxes. As an entrepreneur you still need to pay these things as well so what we have done in the past is open a savings account and any time you receive payment you put that some in your savings. Get a good accountant and pay your taxes quarterly so come the end of the year you do not have a large bill to pay.
Hell we could go on all day about taxes and and business structure but well save that for a later post. We are only scratching the surface to help bear your profits so keep following us and stay tuned for upcoming posts.
Since I talked about things to do when starting a business how about we take a look at things we should not do as well. Check out this short video on seven things NOT to do when starting your future business.